Bulgarian Commercial banks will become more tolerant to their debtors
Last update: 2009-02-27 08:32:21
Bulgarian Commercial banks will become more tolerant to their debtors. This is stipulated by the amendments of two of the Bulgarian National Bank's Ordinances. Due to these amendments, penal interests will be set after six months, instead of after three unpaid outstanding installments, as it was before.
The bank provisions change because of the global financial crisis, which is expected to embarrass most of the people with paying off their installments. Bulgarian National Bank began to practice anti-crisis politicy from the end of 2008. Then BNB decreased the minimal reserves of the commercial banks from 12 % to 10 %.
Due to the recent changes the conditions in safety vaults are more flexible and tolerant with the clients.